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…for the economy to function well, you don’t just need good property rights, you also need what we could call, somewhat vaguely, “economic freedoms.” You need labor mobility; you need to get rid of guilds; you need to get rid of monopolies, both local and global; you need to get rid of all kinds of .. MORE
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Labor Market
Mass deportation is often framed as a pro‑worker policy. Remove unauthorized immigrants, the argument goes, and native wages will rise as labor supply contracts. This logic is intuitive, politically potent, and economically incomplete. Mass deportation is a massive market intervention. When examined through the lens of labor markets, production complementarities, and historical evidence, mass deportation .. MORE
Regulation
On this post by Kevin Corcoran, frequent commentator Steve writes: “Is there a health care system in the world that would be regarded as first world quality that does not have health care heavily regulated? Is it just a coincidence that in the countries where health care is not heavily regulated that health care is .. MORE
Property Rights
I have a new working paper with Bart Wilson titled: “You Wouldn’t Steal a Car: Moral Intuition for Intellectual Property.” The title of this post, “everyone take copies,” comes from a conversation between the human subjects in an experiment in our lab, on which the paper is based. The experiment was studying how and when .. MORE
Competition
Economists extol the importance of competition in markets for driving prices down and quality up. But what is “competition” and how does it actually work? To non-economists, the word conjures the idea of something like a sporting contest, where there can be one winner while everyone else loses. But this comparison fails on at least .. MORE
Education
A New York magazine article titled “Everyone Is Cheating Their Way Through College” made the rounds in mid-2025. I think about it often, and especially when I get targeted ads that are basically variations on “if you use our AI tool, you’ll be able to cheat without getting caught.” Suffice it to say it’s dispiriting. .. MORE
Economic Institutions
The recent removal of Nicolás Maduro from Venezuela’s presidency is a dramatic development after more than two decades of socialist experimentation under Hugo Chávez and Maduro, characterized by expropriation, macroeconomic mismanagement, and political repression. Although there is much uncertainty about the economic and political future of Venezuela, economics can offer some guidance—and warnings. One such .. MORE
Economic Theory
“Expert failure” is clearly having a moment. Pollsters, Wall Street analysts, tech futurists… all are facing demands to reckon with getting it wrong. Economics, though, seems to be getting special attention. Lately, this has metastasized into Orweillian skepticism of government data itself. It’s one thing to argue that economists have misread numbers. It’s quite another .. MORE
Economic Institutions
In times of crisis, we consider what can be done to return to a path of prosperity and wealth. However, there is a tendency to mistake the previous manifestations of economic success—the sectors and products that an economy has, in the past, successfully produced—for the more fundamental source of success. When, in 1947, Ludwig Erhard .. MORE
Regulation
A recent post argued that housing affordability is not so bad as it might appear when home prices are adjusted for all relevant factors, such as size, quality, and household income growth. While houses have become more expensive in dollars, they are also significantly bigger and nicer, and the average household has significantly more income. .. MORE
The theory of spontaneous order has a long tradition in the history of social thought, yet it would be true to say that, until the last decade, it was all but eclipsed in the social science of the twentieth century. For much of this period the idea of spontaneous order—that most of those things of .. MORE
Axel Leijonhufvud first suggested to me that reexamining Hayek’s contributions might be worthwhile. From the start, I sensed that Hayek’s theories were misunderstood in important respects. One major reason was the tidal wave of the Keynesian revolution. Contributing to the eager acceptance of Keynes’s message was a desperate desire for a cure for the economic .. MORE
Fourth edition, published 1869. (This essay was first published in 1859.)
Frédéric Bastiat (1801-1850) was a French economist, statesman, and author. He was the leader of the free-trade movement in France from its inception in 1840 until his untimely death in 1850. The first 45 years of his life were spent in preparation for five tremendously productive years writing in favor of freedom. Bastiat was the .. MORE
I broadly agree, but it seems our hero is claiming too much? Modern cars are good also because they have eg lots of modern technologies like computers in them. Even with all the competition in..
Matthias, October 15